Bank of America Denies Needing Capital, Then Raises Capital At 6% From Buffett

"Bank of America (NYSE: BAC) has been telling all of Wall Street for weeks now that it does not need to raise capital. The market, on the other hand, was making it abundantly clear that it thought BAC definitely needed to raise capital. It was a showdown, and BAC shares kept plummeting despite the protestations of management with regard to the bank's liquidity situation."